SoftBank joins forces with digital marketing unit of Axiata

Economy

Japanese wireless carrier SoftBank Corp. has agreed on a capital tie-up with Axiata Digital Advertising Sdn. Bhd., a digital marketing subsidiary of Malaysian telecommunication conglomerate Axiata Group Bhd. SoftBank will invest about $60 million and own a 23 percent stake in ADA under the agreement so it can optimize the Kuala Lumpur-based company's operations covering nine Asian countries. The deal announced Tuesday will make SoftBank ADA's second largest shareholder behind Axiata Digital Services Sdn. Bhd., also a subsidiary of Axiata Group, which holds 63.5 percent. Sumitomo Corp., a Japan...

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